Important: Are my commission prices fair?

I worked out a few things today. Minimum wage in the UK, for me, is £4.98.

For an 8000 word commission, I charge $30 or £19.53. Lets say that it takes me 8 hours to complete, including editing time (I write at aproximately 1000 words per 45 minutes and have added 15 minutes per 1000 words for editing time here, basic editing).

That leaves me with £2.44 per hour - half of minimum wage. I'm starting to question whether or not it is worthwhile doing furry commissions anymore.

If I increased my prices to just under minimum wage, that would come to £4.56 or $7 per thousand words, which is more reasonable for the longer stories, although could put off a lot of people (8000 words would equal $56, not $30, which is a huge increase, but a fair one).

Question is, do I be fair, or do I, in effect, short change myself?

I'm considering finishing my current commissions and increasing the prices from there. I have other avenues of income that are more profitable (for example, selling non-furry erotica, which appears to be going at a rate of $10 per thousand words in the markets I am exploring), so I feel confident in being able to explore my writing ability in more profitable manners. Doing this will also leave me more time for myself to actually relax inbetween work and study, which I admit that I desperately need.

So, questions if you have read this far.

1. Do you think increasing the prices is fair?2. Finances permitting, would you pay the prospective, higher prices?3. Do you think the current prices reflect the quality of my work? Or do you think the prospective, higher prices reflect the quality of my work?

Note: Any price changes will not affect current commissioners that are in the queue, IF I make changes. Do not worry. Also, I have a personal interest and great enjoyment in writing the Jahalyia series, so that will be exempt, I say this openly.

Any feedback, thoughts or general notions would be welcomed!

If I get no responses...I guess I get my answer, in essence ^^;- Actually not expecting too many responses on here because I only started submitting recently, but opinions are welcome, please!